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of toyota are heading higher after the u.s. settled a class action lawsuit. the $1 billion payment is already priced in. okay. welcome to "worldwide exchange." plenty of news to watch out of washington. all of this week, we thought it would be a quiet one. but i won't be inside the beltway if they want to get something done. the u.s. will hit the $16.4 trillion debt ceiling come monday. in a letter to congressional leaders, geithner says treasury will begin taking steps to save the government about $2 billion. geithner says it's harder to predict a time frame because the ongone fiscal cliff talks make it difficult to forecast next year's budget. among the measures treasury will take including suspending state and local government securities and investments in the federal employee pension funds. those don't sound like good practices going forward. president obama meanwhile arrives back in washington after cutting short his christmas vacation in hawaii. congress is back in town, but little progress was made over the holiday to avoid the fiscal cliff and no talks have been set. the se
, when the victims are innocent children, it's time to move from conversation it action. tyler? >> hampton pearson, thank you. >>> to the markets now. apple dipping below $500 a share for the first time since february. in premarket trading, this after citi downgraded stock. the company did sell better than expected 2 million iphone 5s in china over the weekend. the best smart phone launch ever in that country. what will the future bring with apple? i'm here with spencer from wall street journal. spencer, people have been unloading apple over the past few months. is that selling pressure overdone? >> well, it looks like since apple released this announcement saying they have sold over more than 200 million iphones in china, and it takes it down a new low for apple, it has rebounded. apple is entering a new relationship for its investors. the last few years it's been this amazing lovely marriage. both sides completely in love with each other. the last few quarters they are questioning tlir relationship. they are fearing, can the growth continue? can the innovation continue? this
action to get this economy hiring and moving again! even if his statements about economic weakness ultimately cause the averages to stumble from some pretty lofty levels. dow ultimately declining ability 3 points, s & p inching up 4.4%. closing in positive territory. nasdaq giving up .28%. when you look at what ben when you look at what ben bernanke did today you've got to marvel. the republicans themselves refuse to get specific on spending until they see something from the white house. the elected portion of our government is not helping this economy at all. their failure to rise above politics to reach a compromise is now really starting to hurt the u.s. economy. in this vacuum, the fed has decided to keep rates low. they stepped in saying listen, business, we are not going to get in your way. we're not going to allow interest rates to go higher until we get many hundreds of thousands of people hired! [ applause ] ben bernanke has become the jobs commander in chief. while i've heard nothing but carping on air in the blogosphere as you the fed's latest actions today. i say give m
as possible, moving down that path is the right course of action for us. >> what boehner is proposing is extending bush tax cuts for everybody that makes less than $1 million a year. they say that will take the threat of tax increases off the table for most americans. but the white house and democrats up here on capitol hill have already rejected that option, guys. we're sort of at a little stalemate for this hour, maybe the next. >> there is some talking going on evidently. let's take you deeper inside the new proposals on the table, show you the differences. our senior economics reporter steve liesman has the fiscal clifferences. >> we're only going to do revenue. we're not going to do spending. come back tomorrow and hopefully get more spending. let's just do revenue. it's enough. >> clifferences. >> the first thing here, let's look at tax increases. what we understand with the new proposal of obama to raise tacks on those making $400,000 and higher, that would raise $600 billion in revenue. we believe the revenue side from the gop is $460 billion. just a warning on the gop. not ge
. bertha coombs tracking the action at the market. >> very quiet. very low volumes. gold edging lower as the dollar has edged higher. they say incentives to buy are postponed with so much uncertainty over the fiscal cliff and what's going to happen over the next couple of days. gold is on track for its fifth straight weekly decline, but for the year it's the 12th year of gains. so this is the first year since 2004 that we've seen gold under perform stocks. one of the big winners came under a lot of selling pressure as a lot of people try to get ahead of the fiscal cliff. silver on track its fifth weekly straight decline. copper back-to-back gains this week. a little bit of hope that we'll see more demand for copper this year as china's new government may do some more urbanization. if you take a look at the metals, those with industrial properties, particularly the precious metals, platinum a big winner, palladium a big winner, those used in catalytic converters. >>> thank you, bertha. >>> the iranian navy holding massive drills in the strait of hormuz. this comes from iranian state te
actions are due around 12:40 cst. hsbc was hit with a $1.9 billion fine. the ceo said we accept responsibility for our mistakes and are profoundly sorry for them. >> a full year loft loss of 4.7 billion euros, thinksen krup has more details. >> they are starting to look at the positive of what i would call a -- strategy, i.e., a clean sweep when it comes to the business strategy of thyssenkrupp as well as the instruct occur and the refocusing on being transparent and definitely being something shareholders should trust. so no dividends, jobs may go and the sale of celiamerica being looked at. the cfo says there's a handful of interested parties in that particular party of the business. all in all, i think if you look at the message and the resale note issued by j.p. morgan earlier on this morning, on the back of the numbers, it's a very positive story because all the rubbish that needs to be cleaned out is being cleaned out. when it comes to the actual strategy, it will be reduced process on sale after the sale of about 30% will come from that sector. the rest is being refocused
. john harwood has the details. what's going on? >> not a whole lot of actions going on. although there have been some developments. let me bring our viewers up to date on those. first of all, treasury secretary geithner this afternoon announced the united states would hit the statutory debt limit on monday. that's new year's eve. that's part of an effort to pressure congress to act to raise the debt limit which may or may not be direct limb reply indicated in the fiscal cliff talks but it is relevant to the larger issue of debt and deficits. the treasury can move money around in certain ways to extend the point where we actually reach a crisis for probably a couple of months. but this is an early warning sign. secondly, republicans in the house sent word to democrats in the senate, white house, it is your turn now. we acted to put off the fiscal cliff several months ago with a bill that without objection tend all of those bush tax rates into the future and would turn off the sequester by switching defense cuts over to domestic programs. democrats, of course have no intention of d
while there may be behind the scenes action in terms of talks, no one from the house is home. big moves by citigroup's new chairman and ceo. he announced 11,000 layoffs this week. citi will take a pre-tax charge of more than a billion dollars. the markets liked the move. the stock rallied about 7% on the expense cuts. >>> a big deal for netflix and dismy, they announced a licensing agreement to show disney movies shortly after they leave the theaters. the fiscal cliff and jobs numbers and state of the economy. who better to talk about all of that than robert reich, former secretary of labor in the clinton administration and current economics professor at the university of california at berkeley. good to see you. thanks so much for joining us. >> how are you? >> let's talk about these numbers on friday, the surprisingly strong jobs numbers. 146,000 new jobs created. the unemployment rate dropping to 7.7%. we were expecting some impact from the super storm sandy in earlier thanksgiving. what do the numbers say about the economy? >> apparently we are still struggling. these are not hugely
. the turtles are really hot, all the action figures we had are selling out like crazy. this is legos, teenage mutant ninja turtles. >> you said legos is now the hottest toy company by far. >> by far the most rapidly growing company. people love legos. there is a learning component to it. everyone thinks it helps develop the brain a little bit. >> do you think it's good for boys and girls? >> what's so interesting, i brought lego friends here. and lego frankly has struggled with girls throughout its entire existence, until now. until this year. lego friends is doing fantastic with girls. it has little dolls that you construct as well as this is the lego friends summer riding camp. girls just love horses, and this has been a run-away hit, lego friends for girls. >> so you have mutant teenage ninja turtles and then you have the friends. >> lego friends. >> and lego galaxy squad bug obliterator. >> this is another new thing. a new theme, space theme for lego this year. and, again, it is something that we've got first to market, just brought into the stores over the last week or two. really next y
themselves in the charts, as crucial turning points in the pricing action for all kinds of securities. look at a previous swing in the stock or index and apply the ratios, and the result is an important level for the security. brodin likes to look for clusters of fibonaci relations, and we have a group of three, 1346 to 144 6, which is why this is so important. a retracement of a previous swing, 100% price projection of another swing, and if it would be semet ral to a previous move, and brodin's way of thinking, these three levels clustered together create a strong ceiling of resistance, and the s p & p has to jump the hurdle. now, we failed to jump the hurdle yesterday. and yesterday was significant, and negative. so brodin expected to see the kind of pullback we got today before we tried to test the resistance level again. fortunately, s & p has support created by another cluster, and this floor is at 1414. okay. just a couple points below where the s & pent went out today. as long as we say above, the path of least resistance is higher and today, even if the ugliness, the floor held. wha
second big short idea of my career. >> this is p somewhat dependent on the ftc taking action. if they don't, what happens. >> i think the fdc will take hart look. i think the scc will take a very hard look. i think the new distributor will be better informed and this is where the media comes in. this is where, i don't know how many distributors watch cnbc, i'm sure some do, but we have 50 plus members of the media here, much broader collection of the media like cnn, et cetera, that will reach to the community. think about a pyramid scheme -- >> what would you say to those who would say you are trying to advertise yourself on one side of this. you are trying to manipulate the success of the company and therefore the stock price. >> we simply want the truth to come out. if distributors knew the probability of making $95,000 a year, which is the millionaire team as they call it, level, was a fraction of 1%, no one would ever sign up for this. and we simply expose that fact. the company has done their best to keep that from the public. the media exposes facts about things like pyramid schemes
cliff looks like it's going to be resolved. that's what the vix is saying, and the fed's actions are not going to create volatility, even additional futures contracts in the vix are not higher in the last several weeks here. we did have a spike in bond yields yesterday. some good very excited about the idea that perhaps we were going to have some inflation issues, but, you see, inflation portfolios that spiked yesterday, didn't do anything today. the gold issue is down and the pimco tips, didn't do anything today and even funds, etfs, maria, that short treasuries like that tbt, that bottom one there, that had big volume yesterday and today but not a lot of price action. maria, back to you. >> up next, no impact. someone here says the federal reserve's unprecedented action to keep the economy on track won't make a lick of a difference in avoiding the fiscal cliff. the debate on the fed, the cliff and the economy coming up and represent schakowski says raising the eligibility age for medicare is a non-starter. we'll talk about it and dan niles, ahead of the curve? saw facebook's me
're right. what about the fed, harry? were you pleased or unhappy with the fed action this week? what do we have going now, qe4? >> it's absolutely desperate that you have to keep upping the ante, and showing how weak the economy is. we're still in critical care, on life support, and we'd be in big trouble without $1 trillion in stimulus. in europe the stimulus stopped working in 2012. in 2013 the stimulus is just not going to make an impact. these more wealthy people that will be spending will be hit by more taxes and they will slow down and i think that you're going to see the economy be much worse in 2013, but, you know, we may get more stimulus first in china and europe so i think it's going to be see-saw first half of 2013 and then i think the markets will head down seriously in the second half of 2013. >> but, again, to his point, the wealthy includes savers, both corporate and individuals, grandma and grand past the fed is killing them. >> killing them. >> so if we don't reball the equation, i don't think we'll make any progress. >> very, very important insights. gentlemen, appreciat
in the work earlier in the week that the company hired a merchandising ex action from below. >>> up next, find out who the winners and losers are. and then, in case you missed my interview with democratic senator ben carden yesterday, what are you going to give on, senator? to get this done? >> well, we want to balance the pros. >> we know you -- everybody is saying that over and over again. why don't you explain to our audience what that means, sir. >> first, we've agreed to $1 trillion of domestic spending cuts. that's already been done. >> that's done. we're talking about the here and now, not what's done. >> he wouldn't tell us how he plans to get a deal done. coming up, we will hear from the other side of the aisle. hopefully representative mulvaney will rise above. tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any comput
message to washington. would that be enough to jolt lawmakers into action? >> and as the year winds to a close, the head of aetna is back with us winding up for higher taxes in 2013 thanks to obama care. wait until you hear how high he thinks they could go. you're watching cnbc, first in business worldwide. stamps.com is the best. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com you can print real u.s. postage for all your letters and packages. i have exactly the amount of postage i need, the instant i need it. can you print only stamps? no... first class. priority mail. certified. international. and the mail man picks it up. i don't leave the shop anymore. [ male announcer ] get a 4 week trial plus $100 in extras including postage and a digital scale. go to stamps.com/tv and never go to the post office again. >>> well, we're getting numbers in. turns out retailers saw the weakest holiday season since 2008 hurt by bad weather and more uncertainty about the rising tax increases that could come next year. we're wondering if
and for our entire economy. but the hour for immediate action is here. it is now. >> the president correctly says the time for immediate action is now. apparently not his immediate action, though, with the nation facing a crippling fiscal cliff in just three days, the president calls congressional leaders together and says, you fix it. no, he doesn't offer any new plan from the white house, no compromise. instead the president tells the senate to come up with a deal and the same senate that hasn't passed a budget in years. and the marks don't like it at all, 158 points now tanking and falling further in the after market and we'll have to see how asia opens on monday. it could be ugly. the headlines are falling fast and furious. we're all over it "the kudlow report" starts right now. >>> welcome. i'm michelle caruso-cabrera in for larry kudlow. a lot happened in just the last couple of hours. >> michelle, there's considerably more optimism after the white house meeting between the president and the four bipartisan leaders than there was earlier in the day. mitch mcconnell and harry reid say t
at capitol hill. there's a lot of finger pointing but not a whole lot of action. >> all right, eamon. thanks so much. >> you bet. >>> as negotiations continue on washington, that is a bit of an overstatement, check wall street, the fear index is spiking as the markets drop. we're back above 20 for the first time in fact in five months. up 14% in the past week. let's get trading action here at the nysc. mary thompson joins us on the floor. this is a vulnerable point for the markets. traders have been saying they're going to make a lot of noise and it will get made up. >> suddenly it isn't. so we're having a bit of a reality check. the dow, the s&p and the nasdaq all negative. it's the lowest now of the month. the vix is spiking. moving above the 20 level for the first time in five months. we want to point out the last time we had this angst over what was happening in washington was in august of 2011 when we had the debt crisis and the subsequent downgrade. at that point the vix was well above where it is, more than twice where it is. so while the fear index is high, up 31% in the last session
and a third point. my partner here on the floor of nyse joins me in the action. 24 hours ago we were sitting here with a triple-digit gain, actually. now, there is disappointment in washington. >> let's just say the markets are digesting all of this news today, that means moving side ways, a fancy word, folks. we are talking like 30 points. that pretty small. and the president sounding alternative sounding con ciliatory and often combative as you hear from john harwood. here is the bottom line. big movers, bank stocks, home moving stocks, that sue just referenced. all basically flat today. if you take a look at the one sector though that is still continuing to have a great day, doing it day after day and that's airline stocks, very positive traffic metrics from airlines in the last few weeks and these stocks have been moving up virtually everyday. there is your market today. this is a quiet day when you see airlines as the market leader. >> true. good point. we will see what happens when we ceci you see you the next half hour. >> what is the likelihood before the year's end. a democrat from
to be closer to new year's for me to get interested in apple. >> have you looked at the options market action in it? i don't know whether you have. >> i glossed over it and hasn't given me anything substantive yet. >>> i want to draw our viewers' attention to avon products. this is a rare one to leave the s&p 500 but that's what's happening right now. shares up almost near the highs of the day here at 5.2%. analysts aren't exactly sure what's behind the move but still, it's one to mention. remember coty offered to buy avon a couple of times earlier this year. they walked away from that deal twice. in a year we're down more than 15.5% on avon products. >>> automakers revving up sales. mercedes-benz posting its best results ever in america. the ceo of the u.s. division will join us exclusively to talk about how he plans to keep those sales motoring along and whether he is hiring. >>> speaking of hiring, with millions still out of work, why are manufacturers having a tough time filling new positions? phil lebeau searching for answers? wheeling, illinois. >> tyler, the answers will surprise you.
a $2 loss in the gold market. sharon epperson is track being the action down at the nymex. sharon? >> gold prices are finishing the day basically flat here, sue. we're right around $1,693 an ounce. keep in mind, gold prices have lost about $50 in the last week or so and goldman sachs today saying that they are lowering their three, six and 112-month forecasts on gold. they say $1,825 is down from the $1,840 level were expecting. for 2013 they look for the arch price to be $1,810. freeport mcmoran, $9 million deal to diversify into energy, the world's largest copper producer, still a lot of interest in copper. they say their opinion on copper has not changed. retail investors looking to buy copper, buy gold as well. of course freeport is one of the world's largest producers of gold. they're doing it through the exchange traded products. the jjc for copper and gld for gold. copper prices nearly coming in to where gold prices are the last month or so as gold prices and gold holdings are at record levels. back to you. >> thank you very much, sharon. >>> let's get the trading action he
of action, not a lot of activity at all. people just in this wait and see mode, right? more chatter out of washington. i think a lot of people expecting the interview with the president, hear what he had to same the market got weaker after spoke. >> down 18 point on the trading session now the volume disturbing now, because there is none. >> that just tells that you investors are, a, exhausted, and b, not going to make decisions until there's more clarity. until there is clarity, this is what we will be stuck n >> might as well start the feast of the seven fishes. >> the lobster sauce. >> recipe tonight. listen, got celebrate something. >> start somewhere. all right, kenny, thanks very much. ty, back over to you. >> thank you very much, sue. >>> one impact of the upcoming fiscal cleave is the sheer number of companies announcing dividends, all in an effort a-to-avoid tax hikes set to kick in at the end of the year. more than 100 companies announcing almost $23 billion worth of payouts. there you see a scroll of so many of them. those coming in the fourth quarter. good for shareholders b
partner sue herera in the center of the action downtown at the nyse. >> stocks are slightly lower right now despite those fiscal cliff anxieties. they've been pretty steady throughout the day. the s&p 500 broke above its 50-day moving average, believe it or not. earlier in the day it's backed off a little bit. economic news and new data shows u.s. manufacturing falling to its lowest level in three years. and there is a little nervousness about the president taking to twitter at 2:00 p.m. eastern time to talk about the fiscal cliff negotiations that are going on. but it is the first trading day of the month and some on wall street are getting bullish for year end. it is going to be a december to remember, i predict it. >> i think this is one of the reasons we're holding up so well, because december is the best month of the year and we roll into january which is also a very good month. let me show you some sectors that do especially well in the month of december. there's major sectors here. this is the best performing sectors in the month of december, averaged over the last ten years. you
the various government actions. look at wages in greece and now spain. wages in greece are down more than 25%. very painful, but we've heard about the pain already. what we haven't heard so much about is the competitiveness. >> enor husband costs with incredibly high unemployment rates. >> that i'm afraid is what's going on and that's extremely unpleasant. what i'm saying in terms of market action is we know about that, we're focused already on the unemployment, we're not focused on the wage improvement in competitiveness. >> all right giles, more to come from you you. also we'll hear from the stars of les mis about why the classic story will resonate with the current economic climate. and later in the program, we'll also hear from the nigerian finance minister about the resources boom. but you what about the corruption issue. and we'll also hear first from apple's new ceo tim cook about steve jobs' legacy and his future plans for the tech giant. plus of course we'll continue to keep you updated on the reaction and the latest dealings from the earthquake in japan. >>> a 7.3 magnitude earthqu
that that would work. >> it's a -- it's better than no action, and i appreciate the position he is in. i don't think either side, but honestly, i personally believe the administration has been less responsible here. i don't really know what they are thinking. over the next four year, unless something very significant is done first to grow this economy at anything like a heretofore normal rate, anything like a kind of rate that we're supposed to have after a deep recession, and unless the first step or two is taken, not to change the entitlements today but to begin to moderate their demands in the out years, i -- i see no reason for any jubilation, cliff or no cliff. >> all right. we will leave it there. governor, we know that you are leaving office on january 14th to become the president of purdue university. hope to see you soon. best of luck. >> love to be back. >> see you soon, governor mitch daniels of indiana. my exclusive interview with the head of conagra and bon moshe and what he thinks about the fiscal cliff and the house gearing up to vote on speaker boehner's plan "b" action. we'l
mobile app. >>> the first class action lawsuit has been filed as a result of instagram's proposed terms of service change that would have allowed the social media company to sell users' photos without permission for advertising and the idea created a big backlash that forced the company to apologize and make about an about face. >> if instagram is not going forward with these plans, why the lawsuit? taking us through this is roy choy, managing editor at technobuffalo. that's the question i've had all along. they backtracked big-time when there was this backlash and yet we still have a class action lawsuit being brought. does it have any merit, do you think? >> i think it has absolutely no merit. i think it's a frivolous lawsuit. look for a bunch of attorneys that are looking to get their name out there in privacy law. >> do you think it's going to be dropped then? >> i definitely do think so. i think the only change that is really substantial at this moment is -- you can't take instagram to a court of law outside of a class action lawsuit. they have instituted a -- an arbitration system
, as well. >> as for action in the overseas markets, the u.k. is closed today for boxing day as are some of the former brish colonies. in europe the dax down about there about 35 points, around half a percent. and overnight in japan, the nikkei, the yen falling to a 20-month low. you have the nikkei up 1.5%. the nikkei -- yen versus the dollar as shinzo abe returns to office as japan's new prime minister, promising monetary and fiscal reforms. we have the shanghai composite there up about a quarter percent. >>> all right. in today's top stories, the u.s. is five days away from going over the fiscal cliff. president obama is cutting his holiday vacation short, returning to washington tomorrow to continue talks to try to avoid that automatic tax hike and spending cut combination. that's the same day that congress returns to town. before the president left town on friday, he suggested a stopgap measure to freeze tax rates for people making less than $250,000 a year and extend unemployment benefits. reports say white house staffers have been quietly working with senate democrats to come up w
for action from their senate colleagues. so the senate and white house are leading this charge at this point. sue? >> yes, we spiked to 13,000 on the dow as we got news that obama will speak under now 28 minutes time. let's bring under john har wood. what else are you able to tell us? the stock market disappointed to learn this may be an attempt to make a political point rather than a broader announcement. >> yeah, i think the stock market was misinformed if it thought that the president was going to come out and announce a deal. still could happen because they could settle in the next few minutes. but so far we don't have a deal yet where we are looking at the contours of an agreement between vice president biden and senate minority leader mitch mcconnell is increase to 39.6 for income somewhere between 400 and $500,000 and probably 450,000. the estate tax would go up slightly from the level of 35% and current law scheduled to go up to 35 and would probably go up slightly to 40%. you are looking at one year extension of unemployment benefits pen you a honk do they defer across the board aut
.99%. that's when the move will happen and people need to be aware, investors need to be aware of what action when that happens. >> especially with the amount of money in fixed income. >> right. sale of the fixed income into the equity asset. what you could wo expect has we move towards that goal is that the market would be -- eks wit ma market would start to heat up. >> feds have been trying to get the investor to take on more risk. >> and they have been successful in getting the investor to take on more risk. there's been no change another than the continued talk of the stimulus. >> when you nad what is happening with higher tax rates it makes it a very, very muddled picture for investors. one that investors need to sort through. tax rates are going higher and if cap gains rate is still discounted relative to ordinary income, maybe 20% rather than 15%, higher but less than ordinary incan come -- >> right. >> the whole map is being arranged with this fed information towards going towards -- >> we talked about that yesterday to rob at blackrock and here is what he had to say. >> can you see d
, rise above d.c." we've heard a lot after a morning of interviews and action on capitol hill. here is what we know now. just a short while ago house speaker boehner said he's still waiting on a solid plan from president obama. >> i'm hopeful we can reach an agreement. this is a serious issue. there's a lot at stake. the person people sent us here to work together towards the best possible solution, and that means cutting spending. the president doesn't agree with our approach, he's got an obligation to put forward a plan that can pass both chambers of the congress. >> meanwhile despite all of the back and forth, the market is seemingly optimistic today. at least some form of a deal will be released. we've been up 100 points on the dow industrials for the past hour. senator mark warner of virginia perhaps putting it best saying compared to the size of our economy the current proposals are relatively small and government should step up and get a deal done. >> we're joined by representative lee terry, republican from nebraska represents the district home to a guy we all know, warren b
that you face at paychecks? >> all the attention on the fiscal cliff and no action is really producing, i think, a dampered view from small business, and they're just kind of waiting on the sidelines right now. what you're seeing in our clients, they're not opening up their second location, they're not hiring more employees. it's fairly quiet. >> yeah, there it is. that's fiscal cliff. he had been building a head of steam. and suddenly he's talking about business building tailing off. washington, washington -- but do you ever hear them -- they talk about the job creators. you have to protect the job creators. they spoke to the president, i thought the president was starting to understand this. but this is about etiology. this isn't about the war between the states that are gop, and the states that are democrat. etiology does not get solved in a back room. it doesn't. it gets solved by the actual citizens saying, i can't pay for dinner. i can't pay for dinner. i've got to stay, and i can't go to brinker, i've got to go get mccormack spice and hamburger helper. that's when it changes. >> th
tim. >> ymdx. >> price action hewlett-packard has been good. >> buying ausi dollar, selling the yen. >> looking for long consumer names, market cap nike. >> see you tomorrow. back here again at 5:00. "mad money" with jim cramer starts right now. ::. >>> i'm jim cramer. welcome to my world. >> you need to get in the game! >> he's nuts! they're nuts! they know nothing! >> there's a bull market somewhere. >> "mad money." you can't afford to miss it. hey, i'm cramer. welcome to "mad money." welcome to cramerica. i'm not here to make friends. my job is not just to teach and entertain, but to educate. so call me. all right let's be honest. if you are like me, and you are thinking this whole kit and caboodle, it is getting real on the market. it is very hard to pry off. hence today's action again. the dow is down. nasdaq giving up and paint drying. and we are go to hear from a banker later on in the show. we heard about a weakening consumer today from the owner of darden. which happens to be part of the "mad money" staff. finished down 8.9%. it yields 42%. but, that yield might not be the
cliff. the leaders i talked to today know their actions will take us over a cliff. i understand there is now perception among the media. the no tax increase republican ares regard the stance as a birthright. a guy that is so anti-spend that he seemed to care more on these issues and more about the accountability for the disaster relief money. i can't believe that. but a lot of guys down there will do anything to prove a point. but i can tell you there are enough garrets to force us over the cliff. given that the garrets are over there. got a question either people don't know about the cliff or they believe that the deal will be done. and they that they have fulfilled the nor quist pledge. where were the republicans when they cut taxes from the chinese two, why didn't republicans press for spending cuts when the president extended the tax cuts? and why doesn't the president offer spending cuts to medicare and defense and social security? how about weapons programs that don't fit in the terrorism world. how about foreign aid and maybe trying to be helpful, i'm sure some of today's
at the scenes, what the offender's actions were there at the school. for example, during the period of time that he was in the classrooms and shooting, what was his behavior like? was he frantic or frenzied, cool and calm, controlled and collected. that will tell us more about this personality. how do we get that kind of information? >> well, you have to go back and tra trace what this individual was doing. when you look at how he was dressed, this has been going on a long time. there has to be a lot of interviewing that is going to take place. what he was doing to figure out what his intension was. but why did he go through with it. they talk about as burger and so forth. what is your take? >> well, that is a greaeat question and i'm glad that you asked that. here is the test, did this visual know the nature and the quality of his behavior and did he know whether or not it was wrong. and my experience with these cases and my knowledge of what has been made public is this is an individual who engaged in long-term planning and who w carried out that plan in a thoughtful way. he knew what he
negative. a real break out. that would be a signal of a genuine expansion on the rise. the action signaling that could happen. second, the banks are now breaking out of the ranks with the transports. look at the xlf. that is a exchange trade fund. this group is moving to the upside. one that is necessary if we are going to see a legitimate and lasting recovery. it looks like it has had a big run. it is still less than half of where it was a few years ago. we will look at the trading in goldman sachs. it has been lured back to life. that is the case with bank of america. just to get caught up with the rest of the market is a catch up trade. third, i was asked to name the biggest surprise. i know i dazzled people. i think interest rates are going to go up. maybe big. you better lock in a mortgage right now if you can. i know it is counterintuitive given what the fed chief said but i'm thinking that the fed chief may not be able to stop this. it won't please anyone, particularly the ratings agencies, but we have all learned from europe and the debt debacle from last year that the downgrades, l
think -- >> what more actions? they have a t program waiting to go. what more actions are you talking about? >> the key policy rate for the ecb is likely indeed in the first quarter. they can take dpopt deposit rate negative. by the middle of next year, they'll be doing outright qe. i've been talking about this for ages. they haven't done it so maybe they won't do it. but i'm assuming that the outlook for inflation for the eurozone is -- >> how are they going to get around -- look, i know the bundes bank has a fear of hyper inflation. i just don't -- are they going to get around all the -- because even if they do it on the inflation mandate, are they going to get around the objections about outright money printing? germans would see it as that. >> they would see it as outright money printing. we have done qe. it's not an issue on the legality of it as long as you justify it in the inflation mandate at the zero policy bound. but the question is, you know, how low is inflation in the eurozone going to go? you have core inflation in the eurozone below 1.5%. if you strip away indirect tax
this looming tax hike. everyone agrees that that action is necessary. >> so now all eyes are focused on the senate for 11:00 this morning when they do reconvene. there were reports there was major progress overnight for something that could pass on the senate side. the question is whether it can pass on the house side under the leadership of speaker john boehner. i've talked to a couple of republicans this morning who are fairly optimistic that whatever comes out of the senate, whatever that deal is, it will pass the house this afternoon. although hard-core republican anti-tax folks are not going to vote for it. it still would likely have enough votes to pass. that's at least the mood of some folks i'm talking to today. guys, one of the big questions that's unresolved here was raised on a conference call with ceos arranged by the white house on friday night, on that white house conference call with ceos. one of the ceos asked tim geithner, i'm told by a participant on the call, whether a small deal would be enough to are prevent ratings agencies to downgrade u.s. debt. i'm told by th
some action today. >> and it was crazy yesterday, watching that market. it was a little bit after we left the set yesterday morning, but watching it in the afternoon, there was information about scott brown, and oh, there is going to be a call to bring congress back in. it was amazing to see the market on that -- >> scott brown bottom, as a lot of people were calling it. you were down more than 51. >> and it is amazing to see how our fortunes are being tied the at this point to what is going on in d.c. and every minor tweet or post or headline or what not, at the end of the day, it was four straight losing sessions for the dow, nasdaq, as well as the s&p 500. certainly something we have to watch. in the meantime, the clock is not only ticking for the fiscal cliff, but time is running out to avoid a strike at ports in massachusetts and texas, that could affect containers to and from the u.s. from reaching their destination. talks are taking place in secrecy between the international long shoresman association and the u.s. maritime alliance in an effort to keep 14,000 longshoreman from
going forward. if you look at the month i think we'll see muted action in response to what's happening in terms of the fiscal cliff. there's enough arguments to believe it will sustain at these levels but i think we'll pick up serious action in the last ten days of the month and we could see significant volume come down here. >> that's what you want to see and that's what you're expecting end of the month there. let's talk about allocating capital. what do i do in the face of uncertainty, fiscal cliff, global, how do you want to allocate capital? >> we've been advocating clients stay diversified and the clear recollection that central banks had desire to increase wealth effect among stock and bond holders. have you to be careful of long-only actions. we had implemented hedge funds into our investors' portfolios, looking for nondirectional strategies like long short equity, currencies, assets that aren't as directly influenced or don't have as much beta in them relative to typical equity and bond portfolio. >> great point. i guess, you know what, if i had to pick who is the face of 2012
's hardly going to happen, but the american majority action, ama, is launching a #fireboehner campaign. how deep is this splintering? this always happens during tough negotiations. boehner i think is trying to rise above partisanship and get a deal. i think he's been very valiant. but sit going to take a toll on the gop internally? >> larry, i was at a very prominent conservative meeting in washington today, and you know who showed up? a congressman from kansas. he was booted off of his committee earlier today and he was very angry talking to conservative activists. here's why conservatives are angry. as this fiscal cliff negotiations continues, they think boehner is trying to warn conservatives about going against any kind of deal he cuts with the white house. so as a warning, boehner is saying i'm going to boot you off your committee if you go against something i do. a lot of conservatives don't like it when he plays hardball. they're going to continue to fight back just like senator demint is doing right now. >> but he's also going to lose some votes on the moderate side. a couple dozen
is on. i think they going to use more words than action. >> they've been using that very effectively. and it actually moves markets. just the language. >> he didn't buy one bond. he said three words and spanish and italian yields drops three basis points. >> what were the three words? >> whatever it takes. >> that's good. markets like whatever it takes, i guess. rick santelli, loeet's talk job. that's tomorrow. some noise in this report. early thanksgiving, hurricane sandy. is this rally at the end of the day having anything to do with any anticipation of the jobs report? what are you looking for? >> no, i don't think so. we're looking for almost exactly half. we had 171,000. the consensus is 85 to 90,000. we're looking at half. i understand that, you know, superstorm san difs a horrible event, and i am sure it's going to take some jobs out, but it's going to also be a bit of an excusetrending well. i'll give you an example. wells fargo gallup does a small survey. on hiring, small businesses dropped to the lowest level of opt miimism in four years. it doesn't matter what ben bernanke
no other option but to take legal action. >> all right. very good. again, we wish jane decided to join us. she decided for whatever reason at the last minute not to. frankly, chris, i'm surprised you're with us here because this thing hasn't been settled yet. it's still being litigated as we speak. >> yes, but it's very important. i appreciate your time. >> thank you for coming on, chris. >> again, a lesson for all of us to be careful what you put online when you're complaining. >> absolutely. you might have a fake name or a fake avatar or whatever. you'll be found if you do something bad. thank you, chris. >>> okay. back to the markets. let's look at what's going on. the dow is up by 53 points right now. >> meantime, though, a terrible week for apple shareholders. how did this had darling of the market suddenly become such a dog? is the worst over? we'll try and look for some answers on that coming up next. >>> also, later on, did you hear john boehner today? >> four days ago we offered a serious proposal based on testimony of president clinton's former chief of staff. since then, there'
can see what the fed action means to the market and the fiscal cliff as well, but add to that the fact that a lot of traders want to take profits going into the end of the year. seen gold gain 8%, even with the selloff we're experiencing right now and even with gold prices below $1,700 right now. some traders say 2013 could be a different story for gold, still a lot of demand for physical gold as well as exchange-traded funds so that is one thing that may be a bright spot for gold going forward. back to you. >> thank you so much, sharon epperson. by the middle of 2014 that is when we may see the federal reserve make a move to raise interest rates. why? because the cnbc data team figures if unemployment keeps falling at its current rate, that's when we can expect it to hit the fed's newly announced target. >> what does this new tactic mean for the economy is let's bring it down with our fed expert and they rarely agree. senior economics reporter steve liesman and our own rick santelli. make guys, guys. steve, where do we stand on this with the new target, the new way of looking at monet
rotational action. cyclicals are down, banks are up. they seem to anticipate that this is going to be resolved. and then the implications are if we don't have a santa claus rally as we talked about, then we'll see something in january. because this last quarter has been sort of a wait and see kind of thing. that would probably speak to a good quarter for us next time around. >> you know, i wonder. i don't know that anybody's happy with oh, well this is going to be a january affair. and we're not going to deal with this after christmas. did you see a change in money flows? you're there on the floor watching real money move throughout sectors. did you see any change today or on friday as people felt that maybe we are at the beginning of a deal? or still people are sort of sitting on their hands and not wanting to move money around? >> getting more active. but it's been rotational. which is something we haven't been seeing as much. today we're seeing them pull out a one sector going to the other sectors. once we get done with whatever the outcome is going to be, fiscal cliff going
of their actions in the last ten days have just exacerbated those safe assets by removing some from the system. other things hitting at the system, that's going exacerbate the shortage of safe assets and keep yields low. anywhere where you have an income-producing opportunity out there, that's where investors need to keep their assets. don't worry about recession or acceleration of growth. >> does the tax story get in the way, ed? what's your term of taking tax rates higher? >> tax rates are going higher. i personally think that's already priced in. where is the best overall total return possibly. i think that's going to be in the stock market. and i think this year is a great example. we're going to be up over 15% for the year in total return for s&p at the end of the day. that's much better than any place in the fixed income market. i think that's the story next year. people take on more risk as their fear gets further away from the fiscal crisis. >> we appreciate your time tonight, gentlemen. thanks very much, all of you. >>> we've got a big upgrade on the financials. one of the reasons we
for individuals and, more importantly, hedge funds to take quick action, the sector has superseded earnings at times. i got to tell you, often, it's made earnings all but an afterthought for individual companies. take the way that banks traded the last few years. i mean, it didn't matter for the most part whether a bank had strong earnings or weak earnings, did a good job or bad job. the bank was in the xlf, the financial eft, and people didn't want to own the xlf. it didn't matter how well a bank did. a bank like wells fargo, u.s. bancorp, u.s. bank in europe and strong managements, jpmorgan, morgan stanley, tremendous exposure to the continent. that's why at times i've had to dismiss the earnings per share gains entirely at the moment if the cohort was radically out of favor. but i never just forgot them. instead, i tried to choose, figure out which ones can at times break the tug of the sector, the gravitational pull, and which can shine. if the second forfal-- sector falls, i got to be ready. since the march bottom of 2009, generational, we've seen retail and individual stocks within th
'll see going into the first few months of the year i believe very positive price action for all the equity indexs? >> what now, rick? what say you? what now? >> i liked dan greenhouse's comment. in a perverse sort of way. if there really is any austerity, you'll hear an ouch or some squawking or bellyaching which is the fiscal cliff. if we went over the cliff, they be we actually would have at least a touch of austerity, but nobody wants that. i contend, and i said this back in 2008, we're going to have to experience some pain. i don't think there's any way around it. it's just a question they keep putting it off, and one final thought, i'd like the idea that lamar alexander and senator corker. >> bob coaching, right. >> the $1 trillion debt ceiling raised for $1 trillion of spending cuts, i think that's pretty good. i know we've heard it before. senator corker talked on the santelli exchange with me a week ago about it, but everyone is thinking about the debt ceiling, and i think that's where the meat is going to be, and the next three charts that we're showing are from august
science. it's just common sense. from td ameritrade. >>> let's turn our attention to the trading action here at the new york stock exchange. mary thompson is with us on the floor today. hi, mary. >> tyler, the story has basically been another special. the dow has been held in the 48 point range, the s&p as well. apple set to be down for the tenth week out of the last 12. also the weakness that we are seeing in energy stocks despite the gains that we are seeing in oil energy stocks went lower by a warning from the oil services company on concerns about weakness in north america. this comes on a day when we had beat the news on inflation here in the u.s. as well as factory output and decent news from china where manufacturing rose to its highest level. that is given a lift to steel as well as metal. airlines are also stronger. they are hitting the fal, the index of the airlines hitting a 52-week high for the fourth straight session. one of the reasons, the strength in southwest air linings. the company seeking to raise another over $1 billion in added fees. the stock hitting the middle of
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